Collins Says She Will Vote For Cloture On Wall Street Reform Bill

5/19/2010 1:40 PM ET

Senator Susan Collins, R-Maine, announced Wednesday that she will vote for cloture on the financial regulatory reform bill currently being considered by the Senate.

"The procedure followed on the financial reform bill has afforded Republicans, including myself, the opportunity to debate and to offer amendments to improve this important legislation during the past three weeks," Collins said.

She added, "While I am disappointed that many of these amendments have not been adopted, nevertheless the process, by and large, has been fair and open. Therefore, I will cast my vote in favor of cloture today."

The Senate is scheduled to hold a test vote on Wednesday at 2 pm. It is considered crucial for Democrats to see where they stand in terms of passing the legislation. The bill will need 60 votes to pass the test, thought it would only need 51 votes for the Senate to give final approval.

"There comes a time when we have to put this thing to rest," Senate Majority Leader Harry Reid, D-Nev., said Wednesday morning. "We've been on this bill for a month."

Senate Minority Leader Mitch McConnell, R-Ken., on the other hand, does not favor putting the legislation up for a full vote in the Senate in its current form.

"Everyone recognizes the need to rein in Wall Street to prevent another crisis," McConnell said. "The bill the majority wants to end debate on today does not do that. It uses this crisis as yet another opportunity to expand the cost and size and reach of government."

If the Senate votes to end debate on the legislation, it would lock out any amendments that are not already a part of the bill.